General Motors’ Third Quarter Net Income Reaches $2.77 Billion
General Motors announced that its income during the third quarter was $2.77 billion. The figure is more than double than the previous net income and is, in fact, up by 104 percent.
Automotive News reported that the high figure is the result of the company's efforts to focus on U.S. retail sales. The company also saw an increase in sales in China thanks to a government tax incentive. GMC bolstered the transaction prices of their vehicles in North America particularly their SUVs and big pick-ups.
The company's net income during the same period last year was $1.36 billion. The revenue increased by 10 percent to $42.83 billion which is higher than what analysts expected. The analysts pegged General Motors' revenue to be around $39.3 billion.
The increase in net income is the highest since the company's bankruptcy controversy of 2009.
The company estimates their end-of-year earnings to be at the "high end" stressing that it is possible to achieve $6.00 a share as compared to the forecast of $5.50 per share.
This they believe despite the declining sales in Europe and the impeding effect of the Brexit fallout which may dampen the sales in Europe even more. Before Brexit, GM was on pace to earn money according to Chief Financial Officer Chuck Stevens. He assured everyone, though, that the company is taking certain steps to avoid such issue.
Another concern is that the share price actually dropped 4.2 percent to $31.60 per share. Reuters report, however, that other brands suffered the same fate. Shares of Ford Motor Co. fell 1.6 percent to $11.85. Delphi Automative also fell 1.6 percent.
GM Chief Executive Mary Barra responded to the concerns by stating that the company is "working hard to make sure the core business, is operating in a very disciplined fashion".
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